Bipartisan Lawmakers Work To Codify Provisions Of Trump's Psychedelics Order Into Law To 'Permanently' Streamline Research
Key Takeaway
Bipartisan congressional lawmakers say they're working to codify into law an executive order President Donald Trump issued to streamline research and access into psychedelic medicine. Reps. Lou Correa (D-CA) and Jack Bergman (R-MI)-co-chairs of the Congressional Psychedelics Advancing Therapies (PATH) Caucus-both recently spoke about the need to enact into law provisions to protect the intent
What This Means for Cannabis Businesses
Tax developments like this directly impact the bottom line for every cannabis operator. With Section 280E creating effective tax rates above 70% for many businesses, any shift in federal tax policy - whether through rescheduling, court rulings, or IRS guidance - can mean the difference between profitability and closure. Cannabis business owners should work closely with a specialized CPA to understand how these changes affect their specific situation.
California Cannabis Market Overview
California is the largest legal cannabis market in the US with over 8,500 active licenses. The state requires all cannabis products to be tested by licensed laboratories before sale. The state has approximately 8,500 active cannabis licenses and 19 licensed testing laboratories. There are 52 cannabis professionals serving California businesses on our directory, including CPAs, attorneys, and compliance consultants.
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This analysis is based on reporting by Marijuana Moment. Read the original article. CannaBizGuide provides original commentary and analysis - this is not legal or tax advice.